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Lazard boss Bruce Wasserstein took his first ever bonus as head of the newly-public investment bank last year, but his pay package paled in comparison to the heads of rival Wall Street giants.

For 2005, the veteran dealmaker pocketed $4.2 million in salary and received 288,443 shares of Lazard stock that he can’t sell until 2010.

The value of Wasserstein’s restricted stock was about $10 million when it was issued in January, but has since jumped over $2 million in value as Lazard’s stock price continues climbing to stratospheric levels.

Wasserstein, in step with other public company executives, asked that most of his compensation come in the form of Lazard shares, which better align his interests with stockholders, according to a filing with the Securities and Exchange Commission.

Wasserstein also gets use of Lazard’s private jet, the filing said.

Wasserstein earned $3 million in 2004, but that was before Lazard launched a successful IPO and doubled its earnings over the past six months.

“I think Bruce wanted to make sure the firm was on its feet after going public and didn’t want people to think he was hogging all the proceeds,” said one Lazard insider.

Indeed, several other heads of Wall Street banks made more than double Wasserstein’s salary and bonus last year when figuring in stock options and other awards.

John Mack, the newly installed head of Morgan Stanley, earned $13 million for six months of work.

J.P. Morgan Chase also announced yesterday that CEO Jamie Dimon and Chairman William Harrison each earned $22.3 million in salary and bonus last year. As part of the package, each received $12.6 million in restricted stock.